第四题和第五题都涉及求RI及bookvalue，第四题用的是4000*40%，第五题直接用的P/B，求出的结果不一样如何理解
问题如下图：
选项：
A. 
B. 
C. 
解释：
NO.PZ201710200100000405 问题如下 5. Baseon Exhibit 1 anthe single-stage resiincome mol, the impliegrowth rate of earnings for SSX is closest to: A.5.8%. B.7.4%. C.11.0%. B is correct.The impliegrowth rate of earnings from the single-stage RI mol is calculatesolving for g in the following equation: V 0 = B 0 + ROE−r r−g B 0 Book value per share ccalculateusing the given price-to-book ratio anmarket priper share follows.Book value per share (B0) = Market priper share/Price-to-book ratio= €48.80/2.10 = €23.24Then, solve for the impliegrowth rate 48.80=23.24+ 0.2337−0.15 0.15−g 23.24 g = 7.4% 前面已经算出该公司的RI为133.9，为什么不能直接带入总的of Equity 1600?Vo=48.8=1600 + 133.9/(15%-g)是不是因为48.8是MVPS，为了统一，要把BV，以及计算RI的BV都变成per share的形式? 而133.9是通过(ROE-re)*总BV算出的，所以也不能用?
NO.PZ201710200100000405 问题如下 5. Baseon Exhibit 1 anthe single-stage resiincome mol, the impliegrowth rate of earnings for SSX is closest to: A.5.8%. B.7.4%. C.11.0%. B is correct.The impliegrowth rate of earnings from the single-stage RI mol is calculatesolving for g in the following equation: V 0 = B 0 + ROE−r r−g B 0 Book value per share ccalculateusing the given price-to-book ratio anmarket priper share follows.Book value per share (B0) = Market priper share/Price-to-book ratio= €48.80/2.10 = €23.24Then, solve for the impliegrowth rate 48.80=23.24+ 0.2337−0.15 0.15−g 23.24 g = 7.4%
NO.PZ201710200100000405问题如下5. Baseon Exhibit 1 anthe single-stage resiincome mol, the impliegrowth rate of earnings for SSX is closest to:A.5.8%.B.7.4%.C.11.0%.B is correct.The impliegrowth rate of earnings from the single-stage RI mol is calculatesolving for g in the following equation: V 0 = B 0 + ROE−r r−g B 0 Book value per share ccalculateusing the given price-to-book ratio anmarket priper share follows.Book value per share (B0) = Market priper share/Price-to-book ratio= €48.80/2.10 = €23.24Then, solve for the impliegrowth rate 48.80=23.24+ 0.2337−0.15 0.15−g 23.24 g = 7.4%v0做题时没找到 有点纠结
NO.PZ201710200100000405 问题如下 5. Baseon Exhibit 1 anthe single-stage resiincome mol, the impliegrowth rate of earnings for SSX is closest to: A.5.8%. B.7.4%. C.11.0%. B is correct.The impliegrowth rate of earnings from the single-stage RI mol is calculatesolving for g in the following equation: V 0 = B 0 + ROE−r r−g B 0 Book value per share ccalculateusing the given price-to-book ratio anmarket priper share follows.Book value per share (B0) = Market priper share/Price-to-book ratio= €48.80/2.10 = €23.24Then, solve for the impliegrowth rate 48.80=23.24+ 0.2337−0.15 0.15−g 23.24 g = 7.4% 这里的single stage 哪里能看出借用p/b这个ratio来计算B？
NO.PZ201710200100000405 老师，为何这道题不能BV用4000*40%，然后V用上一题算出来的133.9带入公式计算g？
